The Philippine Department of Trade and Industry (DTI) recently announced it would work with government financial institutions to provide ‘flexible financing’ to domestic garment manufacturers for automation, machinery and production equipment to make them more competitive in the global market.

Trade and industry secretary Cristina A Roque said foreign buyers told her automation is no longer optional, but has turned a baseline requirement globally.

The Philippines will provide ‘flexible financing’ to domestic garment manufacturers for automation, machinery and production equipment to make them more competitive in the global market.
Incentives under the DTI’s Board of Investments will support mechanised and digital garment production, while the Philippine Economic Zone Authority will offer a comprehensive package for export-oriented garment firms.

“They expressed a clear preference for exporters with modern, automated production equipment, as short lead time is now the deciding factor, especially for fast-fashion brands,” Roque was cited as telling a recent meeting with garments manufacturers by a domestic media outlet.

Therefore, the department will work with institutions like the Land Bank of the Philippines and the Development Bank of the Philippines to provide flexible financing, she said.

Incentives under the DTI’s Board of Investments will support mechanised and digital garment production, while the Philippine Economic Zone Authority’s (PEZA) incentives will offer a comprehensive package of fiscal and non-fiscal support for export-oriented garment firms located within PEZA special economic zones, she said.

The department will also study proposals by the domestic garment industry aimed at enhancing overall cost competitiveness, including potential reductions in value-added tax rates to levels comparable to those of ASEAN peers and expanded fiscal support for existing firms and subsidiaries.

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Talks between India and the European Union (EU) are approaching a momentous phase, indicated European Commission President Ursula von der Leyen while addressing the World Economic Forum (WEF) in Davos yesterday.

“And right after Davos, the next weekend, I will travel to India. There is still work to do, but we are on the cusp of a historic trade agreement,” she said, adding that “some call it the mother of all deals.”

EU-India talks are reaching a momentous phase, indicated European Commission President Ursula von der Leyen while addressing the World Economic Forum.
“And right after Davos, the next weekend, I will travel to India….we are on the cusp of a historic trade agreement,” she said, adding that “some call it the mother of all deals.”
The FTA talks began in 2007, were abandoned in 2013 and restarted in 2022.

As the EU is committed to de-risking its economy and diversifying supply chains by deepening ties with the world’s major growth centres, she saw the planned India-EU free trade agreement (FTA) as part of Europe’s broader strategy to champion “fair trade over tariffs, partnership over isolation, sustainability over exploitation”.

The FTA would create a combined market of around two billion people and account for nearly a quarter of global gross domestic product (GDP), giving European companies a crucial first-mover advantage in one of the world’s fastest-growing regions, she said.

“Europe wants to do business with the growth centres of today and the economic powerhouses of this century, from Latin America to the Indo-Pacific and far beyond,” she said.

A recent statement by India’s Ministry of External Affairs said European Council President Antonio Luis Santos da Costa and von der Leyen will be on a state visit to India from January 25 to 27. The two will be the chief guests at India’s 77th Republic Day celebrations. The European leaders will also co-chair the 16th India-EU Summit with Prime Minister Modi on January 27.

Negotiations for the planned FTA first began in 2007, and abandoned in 2013. Talks were re-launched in July 2022.

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Egypt will set up an integrated spinning and textile industrial complex in New October City with an estimated initial investment of $350 million.

The project will be developed under the private free zones system within Industria October Industrial City.

Egypt will set up an integrated spinning and textile industrial complex in New October City with an estimated initial investment of $350 million.
An agreement was signed recently for the complex between Elsewedy Industrial Development and Crystal International Group, a leading textile manufacturer.
The complex is expected to create around 20,000 direct jobs.

An agreement was signed recently for the complex between Elsewedy Industrial Development and Crystal International Group, a leading textile manufacturer.

Egypt’s Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel Al-Wazir witnessed the signing ceremony, the country’s state information service posted on Instagram.

Al-Wazir said the project aligns with the state’s strategy to revive the spinning and textile industry, boost domestic manufacturing and exports, raise value-added production and reduce import dependence.

The project will receive full government support if it expands to cover all stages of the value chain, he said.

The industrial complex will feature an integrated production system encompassing the spinning of natural and synthetic fibres, yarn production, advanced weaving, textile processing, finishing and dyeing.

The approach is expected to enhance product quality, reduce waste and strengthen the competitiveness of Egyptian textile products globally.

The complex is expected to create around 20,000 direct jobs.

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